Power Metallic Mines (TSX-V:PNPN) has inked a definitive agreement to acquire 313 mineral claims from Li-FT Power (TSX-V:LIFT) to expand its Nisk Project by an additional 167km2.
Upon closing the deal, Power Metallic’s land position will grow more than 300%, securing about 20km of strike on the northern basin margin and 30km on the southern margin that envelop the Nisk, Lion, and Tiger discoveries.
Power Metallic will pay $700,000 cash with the issue of 6 million shares, which have a statutory hold period of four months and 3 million to be held for a period of 12 months from issue.
Li-FT Power retains 0.5% net smelter return on the acquired claims.
Confined to a major translithospheric structure along the sedimentary basin margin, Power Metallic Mines believes that extending the Nisk Project has additional potential for polymetallic mineralisation.
Power Metallic Director and special advisor Steve Beresford says the deposits have unique geochemical footprints that allows the company to recognise opportunities early.
“We know a lot about how these deposits spatially cluster that’s different to lode gold or volcanogenic massive sulphide, and now is the time to own the whole opportunity,” Beresford says.
Power Metallic, which has a market capitalisation of C$252.53 million ($282.88 million), will integrate the acquired claims to its exploration along the Nisk-Lion-Tiger trend, with a drill rig mobilised for this program.
Field crews began upgrading the camp at the end of May, including implementing grid-power wiring for the new core, anticipated for the facility capacity to be ramped up to six drills in September 2025. This will enable the company to fasttrack target turnaround and create more flexibility following exploration.
The program will integrate historical technical data to refine targeting before operating an airborne electromagnetic survey.
Power Metallic aims to investigate geochemical anomalies identified in previous explorations for systematic mapping and sampling, which will be followed by a drilling program expected to begin in late 2025.
CEO Terry Lynch says consolidating with the previous owner allows the company to expand geological insights across a district-scale footprint.
“With over 100,000 metres of fully funded drilling in front of us, we can systematically approach new sulphide occurrences while continuing to grow our established resources,” Lynch says.
The company expects to provide a detailed summer exploration plan in the next few weeks.
Power Metallic Mines is a Canadian explorer that is focused on advancing its Nisk Project to become Canada’s next polymetallic mine.
Write to Maddison Elliott at Mining.com.au
Images: Power Metallic Mines
